Insurance Brokers Woos Market Women For Microinsurance Growth

Posted by African Examiner Business News, Insurance Friday, January 10th, 2014

Kayode Adelowokan, Lagos

Owing to its promise in 2013, the Nigerian Council of Registered Insurance Brokers has given wings to the campaign for microinsurance awareness by taking the crusade to market women.

President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mr Ayodapo Shoderu,

The President of the Council, Mr. Ayodapo Shoderu, during his visit to the Iyaloja-General of Nigeria, Mrs. Folashade Tinubu-Ojo, in Lagos, said market women and traders constituted a significant segment that must be mobilized for the growth of insurance growth in Nigeria.

Shoderu, said the Market Development Restructuring Initiatives (MDRI) has accelerated attention towards microinsurance, to further create wealth for Nigerians, especially the budding entrepreneurs and small scale business promoters at the grassroots.

“Suffice it to say that market women and men are prone to diverse risks that daily threaten their existence, the most significant of which is theft and fire outbreaks and these risks could be borne on their behalf by the insurance industry”, he said.

The NCRIB President who chronicled instances of devastating market fire disasters in Nigeria noted that such perils had left gory tales for their victims and increased poverty levels in the country.

“Accepted that governments and concerned individuals give some forms of succour to victims after such incidents”, the council boss said such assistance were monetary and could have been more long lasting through insurance.

He disclosed that Insurance Brokers were in better position to assist the market women in view of their numerical spread across the nooks and crannies of Nigeria and their vast knowledge which they could deploy to assist clients in profitable insurance placement and claims payment when a loss occurs.

The NCRIB President also seized the opportunity to applaud governments who spend monumental sums of money to erect ultra modern markets, advising that adequate building insurance covers must be put in place for such projects to safeguard against unfolding risks in line with the laws on compulsory insurances.

Responding, the Iyaloja General commended the initiatives of the NCRIB for the visit and assured that the campaign would be taken to market women and men for their business growth.